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New Jersey elder law: Take the right steps to protect your assets

| Jan 28, 2019 | Elder Law |

Any parent who has a good relationship with his or her children wants to believe that the children will have his or her best interests in mind when age or illness sets in and decisions need to be made regarding medical care and asset control. Unfortunately, this is not always the case. Without taking the rights steps to protect oneself and one’s assets, it is possible to lose everything. New Jersey residents can avoid a lot of pain, heartache and financial stress by speaking to an elder law attorney about how to properly protect themselves and their property.

A man in another state recently shared his story about losing his life savings to his son. He was a single father who worked hard and was able to achieve financial security, all while helping his son out financially when he needed it. At the age of 81, this gentleman’s son convinced him to put his assets in his son’s name in order to protect them from being taken by any of the retirement communities he was looking at moving into. Unfortunately, the son failed to live up to his end of the deal.

The elderly gentleman did not end up moving into one of these care facilities and asked his son to return his life savings. The son refused. This man now has no access to the funds he requires to move to a senior community that is better fit to serve his needs.

New Jersey residents can avoid this type of thing from happening to them by putting their assets into a trust or assigning a trusted loved one power of attorney over one’s health care and/or property. Legal counsel can help the client decide which legal protections would work best for his or her situation. Those who are victims of elder abuse can also turn to an experienced elder law attorney for assistance addressing the matter and seeking damages.